The Asian Development Bank (ADB) intends to provide Pakistan with approximately $10 billion in new assistance for various development projects, in addition to the $700 million currently available for the purchase of Covid-19 vaccines through the bank’s APVAX facility.
Eugenue Zukhov, Director General, ADB Central, and West Asia Department, made the disclosure during a phone call with Omar Ayub Khan, Federal Minister for Economic Affairs, on Tuesday in Islamabad.
The minister thanked the ADB for its continued technical and financial assistance to the government of Pakistan and acknowledged the provision of $500 million for the procurement of the Covid vaccine, assuring the government’s commitment to maximum vaccination for the eligible population.
The meeting was also attended by ADB Country Director Yong Ye, Principal Energy Specialist Asad Aleem, and Senior Project Officer Nasruminallah Mian.
Zukhov reaffirmed ADB’s commitment to supporting the government’s reform agenda and accelerating the economic recovery process in the face of the Covid-19 pandemic. He stated that the ADB planned to provide Pakistan with approximately $10 billion in new assistance for various development projects, particularly in the sectors of urban services, disaster risk reduction, and policy-based programs in the next five years. He also informed that additional financing of $700 million was currently available for Pakistan to procure Covid-19 vaccines under APVAX.
Due to rising urbanization and population increase, the minister stated that the current government’s top priority is the urban services sector. “The administration is committed to improving urban infrastructure and services, including as water and sanitation, public transportation, urban flooding and disaster management, and health facilities,” he continued. ADB is now funding 32 development projects in the energy, road and transportation, agricultural and irrigation, urban services, education, health, and social protection sectors, totaling $6.4 billion.
